Verdict – Short-term neutral.
DCE iron ore rebounded and closed slight higher than yesterday. The intra-day high still had some distance to next resistance at 1084.5. Iron ore consolidated within a narrower range after the beginning of Jan. Hourly MACD created gold cross. Hourly CCI created new high after Jan 7th. Technical signals were indicating an overstretch and potential exhaustion in next few hours.
The first support is 1035.5. The first resistance is 1084.5
